Strategies for Tackling the National Debt Crisis and Implications of Baby Boomers' Holdings
The National Debt Crisis
Baby Boomers borrowed and spent most of that national debt. Now. they collectively own approximately $84 trillion in assets.
The Rising Debt
The total debt stands at over $34 trillion, and if you watch the clock at the Peter G. Peterson Foundation website, the amount owed is increasing by the second.
Debt Burden
- Overwhelming Debt: Debt currently stands at 99% of GDP, threatening future economic stability.
- Impact on Growth: Debt crowds out growth-oriented investments and increases inflation.
Baby Boomers' Wealth
The Baby Boomer generation, born between 1946 and 1964, holds vast wealth, potentially passing down $72 trillion to heirs.
Generational Wealth
- Boomers' Assets: $84 trillion, surpassing subsequent generations combined.
- Wealth Impact: The intergenerational wealth gap poses challenges for future debt repayment.
The article explores potential strategies, such as estate tax adjustments, to mitigate the national debt crisis and ensure fair distribution of wealth across generations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.